Loan Modifications are a tool designed to help both the distressed homeowner and the bank. When properly administrated, the financially challenged homeowner recieves a lower payment, allowing them to stay in their home, and the bank does not have to take an action, a foreclosure, that would otherwise cost them more money than charging the homeowner less than what they are currently. Because there are so many variables that go into a homeowner's eligibility, not everyone will qualify for these programs. However, more people do qualify for one or more of the available plans than realize it. Even worse, often times, due to the banks' inadvertent mishandling or mis-diagnosis, homeowners who should qualify for assistance will not have it offered to them. In fact, estimates are that approximately 600,000 homeowners who should be able to take advantage of The Home Affordable Modification Program (HAMP) will not do so. When you combine that with all of the other Loan Modification programs being offered, the number of homeowners who could participate in receiving assistance but don't could exceed a million! And, the same variables that determine eligibility for the myriad programs available also effect how much of a rate reduction and payment reduction you could expect.
We research these programs and talk to the banks everyday and can therefore help you understand and navigate thru all of these factors, thereby putting you in the position to take full advantage of the option that best fits your situation. We will assist you in putting your submission package together and maybe more importantly, we will communicate with the banks on your behalf as many times as it takes for as long as it takes to put you in the best possible position to receive the assistance you need, deserve and should be able to obtain.